Auckland International Airport Limited (AIA)

[Dr_Who]

SKC smells of RBD!! The board has made a mess of it. :mad:

[Placebo]

Meanwhile, back at the airport....

Focus, people, focus!!

This latest offering obviously hasn't excited the market. Previous offers have seen the shares shoot up to near the offered price. Now we're seeing a very tentative 2c blip...

With the changes on the Board, the feeling I get is the Canadians (or anybody else) could offer them the keys to Vancouver and gold-plated limos for life and they still wouldn't go for a takeover offer with an electric barge pole.

But I could be wrong...

[Yossarian]

trademe - now there's an interesting option for a big company sale... question is, would you put a "buy now" on or let the auction run its course??

[Zaphod]

We have an ideological hurdle to overcome before any sale could commence. Even if it was in AIA's best interests, I can't see it happening.

[brettdale]

Has the offer been reduced from $3.6555 to $3.4555?

16/11/2007 TAKEOVER
Auckland International Airport Limited (Auckland Airport) has today received
a takeover notice from NZ Airport NC Limited (NZ Airport), a related company
of Canada Pension Plan Investment Board (CPPIB). The takeover notice was
expected following the announcement by CPPIB on 7 November.

A copy of the takeover notice is attached. NZ Airport intends to make a
partial takeover offer for 39.53% of the total issued ordinary shares of
Auckland Airport at an offer price of $3.6555 per share.


06/12/2007 TAKEOVER
Auckland International Airport Limited (Auckland Airport) has been requested
by Canada Pension Plan Investment Board (CPPIB) to make the following
announcement in connection with the proposed amalgamation referred to in its
Notice of Intention to make a Partial Takeover Offer dated 16 November 2007:

"CPPIB has decided to make a change to the indicative terms of the stapled
securities that would be issued under its proposed amalgamation structure to
modify the weighting of the convertible note and ordinary share components of
the stapled securities.

It is now CPPIB's intention that each stapled security would consist of:

- an ordinary share issued with a face value of $0.7055;
- a convertible note issued with a face value of $2.75.

Okay, this newbie cannot get their head around this?

What does it mean that...

- an ordinary share issued with a face value of $0.7055;
- a convertible note issued with a face value of $2.75

If an offer goes through, what can I sell my shares for????

[BRICKS]

EVEN though not taking the CAN offer, BRICKS is sitting on the sideline waiting to double his holdings @ $2.73 or lower but each time the price arrives some big fellow jumps in and up the price so bottom seems to be around the $2.73 MARK..

[beacon]

Hope you got filled today Bricks

[Placebo]

Here we go:

AUCKLAND, NZ (14 December 2007): The Canada Pension Plan Investment Board (CPPIB) partial takeover offer is now open, with offer documents being mailed to shareholders today.

The offer, through CPPIB’s wholly-owned subsidiary NZ Airport NC Limited, would take CPPIB’s holding to 40% of Auckland International Airport Limited (AIAL), if successful.

Shareholders are being offered $3.6555 per share, which represents a premium of 31% or $0.8555 over the share price at market close yesterday and a premium of 50% above the volume weighted average trading price over the one month period up to and including 4 May 2007, the day just prior to takeover speculation. The offer is at the very high end of comparable international airport valuations.

The offer will remain open until 13 March 2008.

“We strongly believe it is an attractive and fair offer, and encourage shareholders to accept and approve the offer,” CPPIB’s Senior Vice President - Private Investments, Mark Wiseman, said.

“In the event that some shareholders decide not to accept the offer, they are still encouraged to approve the offer. We believe that all remaining shareholders will benefit significantly from an amalgamation and from the value CPPIB can bring to AIAL.”

The offer re-confirms CPPIB’s consistent stance on seeking only a minority stake in AIAL.

Moreover, CPPIB has entered into a deed restricting its voting rights on resolutions to elect and remove directors of AIAL to just 30% of the votes that may be cast on those resolutions in order to comply with certain regulations governing its investments. This means that with a 40% holding in AIAL, CPPIB will only be able to vote 25.7% of the total number of shares in AIAL on resolutions to elect and remove directors. This restriction can only be varied or discharged in accordance with the terms of the deed.

The offer will deliver significant value to AIAL shareholders while preserving substantial levels of New Zealand ownership of the airport.

Following the successful completion of the offer and further to its plan to optimise AIAL’s capital structure, CPPIB intends to re-engage with the AIAL Board to have its proposed amalgamation presented to AIAL shareholders.

CPPIB was disappointed that shareholders were not provided with the opportunity to consider and vote on the detailed amalgamation proposal CPPIB presented to the AIAL Board on 20 September 2007.

Mr Wiseman said “We believe our amalgamation proposal was in the interests of AIAL stakeholders and, had it been accepted, would have resulted in the substantial recognition of value for all AIAL shareholders.

“We are a long-term, patient investor with the ability to bring extensive resources to enhance the performance of the airport business and assist the management team in achieving the goals of the airport’s Master Plan. We are confident AIAL shareholders will recognise the value we bring to the table.

“CPPIB’s management team has direct prior experience in investments in several Australian airports and we intend to bring our experience and industry knowledge to support the growth and development of AIAL. This includes leveraging our network of contacts established through $700 million of investments in aeronautical companies.

“We have also identified long-term opportunities to improve AIAL’s performance in route development, property development, retail and car parking. We will work to develop the already exceptional New Zealand-based AIAL management team and we support the dedication of additional resources to augment and bolster the local team. We will also seek to work with AIAL to explore other international airport opportunities together.”

CPPIB confirms a change to the indicative terms of the proposed amalgamation as initially outlined on 16 November 2007, which modifies the weighting of the convertible note and ordinary share components of the stapled securities. These changes were announced by AIAL on 6 December 2007. Stapled securities issued under the proposed amalgamation would now include a convertible note with a face value of $2.75 (previously $3.35), an ordinary share with a face value of $0.7055 (previously $0.1055) and $0.20 cash (unchanged).

Mr Wiseman said “Having spoken to major shareholders and listened to market feedback, as we have done throughout this process, we have refined the indicative terms of the proposed amalgamation structure to enhance its attractiveness to shareholders.”

NZ Airport NC Limited also announced today, by notification to NZX, that it will pay broker handling fees in connection with its partial takeover offer for AIAL.

This announcement does not constitute an offer to any person, including any AIAL shareholder, to subscribe for any securities that would be issued in the proposed amalgamation. CPPIB is not seeking any money in respect of the proposed issue of stapled securities and no applications for securities would be received and no stapled securities would be issued to any AIAL shareholder under the proposed amalgamation unless the AIAL shareholder has received an investment statement in relation to the stapled securities. - ends -

[brettdale]

Okay, so us shareholders have to wait for the letter from the Canadians?

Or can we put a sell order through our broker online for $3.65?

[Yossarian]

brettdale, maybe you should do some reading on basics of takeovers!

You can only sell at:
-what the market offers you
-what a bidder offers you

So you can sell at the price today ($2.82 as I write) or the Canadian's offer, when and if it actually arrives - the latter may be more like a barter if given no actual money is involved (ie a 'swap' of new shares or convertible notes for your AIA shares)!

That said, you can't sell ALL of your shares to the Canadians as they don't want to buy them all.

cheers